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- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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NEWSLETTERS & ALERTS
Musical Chairs at Morgan Stanley Private Wealth Management
[Photo: MS Sydney, Australia, HQ's, by Alex Proimos / Wikimedia Commons]
by Howard Haykin
The private wealth management sand dunes continue to shift at Morgan Stanley, which employs more than 15,000 advisers. In 2016, the firm reshuffled its top executive ranks in wealth management following the departure of President Greg Fleming. Earlier this year, the firm reduced the number of regional executives from 8 to 6. Yesterday, Morgan Stanley announced plans to put 90 financial advisers alongside investment bankers at its Times Square headquarters - in hope the interaction will generate more business. [See Financialish.com]
Finally, Morgan Stanley issued a memo with further changes at the top of its private wealth management unit. The changes include 2 promotions and a flattening of the management structure. According to Reuters:
- Vince Lumia, head of wealth management, will now be 'head of the field'.
- Mandell Crawley, chief marketing officer, will now be head of wealth management.
- Former divisional head Bill McMahon and Rick Skae will now be vice chairs of wealth management.
It remains to be seen if the 'game of musical chairs' has come to an end.